<PAGE>

                                  EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE:        (301) 815-6600
         FAX:              (301) 315-6660

                                SMT SERIES 2004-4
                            RECORD DATE: MAY 28, 2004
                        DISTRIBUTION DATE: JUNE 21, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                           Certificate                           Beginning
                              Class        Certificate Pass-    Certificate        Interest
Class          CUSIP       Description       Through Rate         Balance        Distribution
-----          -----       -----------       ------------         -------        ------------
<S>          <C>           <C>             <C>                <C>                <C>
  A          81744FBF3         SEN             1.60813%       793,999,276.22     1,064,045.04
 X-1         81744FBG1         SEN             0.80000%                 0.00       513,378.32
 X-2         81744FBH9         SEN             0.30502%                 0.00       201,819.05
 X-B         81744FBJ5         SEN             0.94358%                 0.00        18,055.33
 B-1         81744FBK2         SUB             1.60000%        14,612,000.00        19,482.67
 B-2         81744FBL0         SUB             2.00000%         8,350,000.00        13,916.67
 B-3         81744FBM8         SUB             2.68903%         4,175,000.00         9,355.60
 B-4         81744FBN6         SUB             2.68903%         2,509,000.00         5,622.32
 B-5         81744FBP1         SUB             2.68903%         2,088,000.00         4,678.92
 B-6         81744FBQ9         SUB             2.68903%         3,757,983.00         8,421.12
 A-R         81744FBR7         RES             2.68722%                 0.00             0.00
                                                              --------------     ------------
Totals                                                        829,491,259.22     1,858,775.04
                                                              --------------     ------------

<CAPTION>
                           Principal        Current      Ending Certificate      Total          Cumulative
Class          CUSIP      Distribution   Realized Loss        Balance         Distribution     Realized Loss
-----          -----      ------------   -------------        -------         ------------     -------------
<S>          <C>          <C>            <C>             <C>                  <C>              <C>
  A          81744FBF3    8,027,844.96        0.00         785,971,431.26     9,091,890.00          0.00
 X-1         81744FBG1            0.00        0.00                   0.00       513,378.32          0.00
 X-2         81744FBH9            0.00        0.00                   0.00       201,819.05          0.00
 X-B         81744FBJ5            0.00        0.00                   0.00        18,055.33          0.00
 B-1         81744FBK2            0.00        0.00          14,612,000.00        19,482.67          0.00
 B-2         81744FBL0            0.00        0.00           8,350,000.00        13,916.67          0.00
 B-3         81744FBM8            0.00        0.00           4,175,000.00         9,355.60          0.00
 B-4         81744FBN6            0.00        0.00           2,509,000.00         5,622.32          0.00
 B-5         81744FBP1            0.00        0.00           2,088,000.00         4,678.92          0.00
 B-6         81744FBQ9            0.00        0.00           3,757,983.00         8,421.12          0.00
 A-R         81744FBR7            0.00        0.00                   0.00             0.00          0.00
                          ------------        ----         --------------     ------------          ----
Totals                    8,027,844.96        0.00         821,463,414.26     9,886,620.00          0.00
                          ------------        ----         --------------     ------------          ----
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                Beginning       Scheduled        Unscheduled
           Original Face       Certificate       Principal       Principal                   Realized
Class          Amount            Balance       Distribution     Distribution    Accretion    Loss (1)
-----          ------            -------       ------------     ------------    ---------    --------
<S>       <C>                 <C>              <C>              <C>             <C>          <C>
  A       799,511,000.00      793,999,276.22       0.00         8,027,844.96       0.00        0.00
 X-1                0.00                0.00       0.00                 0.00       0.00        0.00
 X-2                0.00                0.00       0.00                 0.00       0.00        0.00
 X-B                0.00                0.00       0.00                 0.00       0.00        0.00
 B-1       14,612,000.00       14,612,000.00       0.00                 0.00       0.00        0.00
 B-2        8,350,000.00        8,350,000.00       0.00                 0.00       0.00        0.00
 B-3        4,175,000.00        4,175,000.00       0.00                 0.00       0.00        0.00
 B-4        2,509,000.00        2,509,000.00       0.00                 0.00       0.00        0.00
 B-5        2,088,000.00        2,088,000.00       0.00                 0.00       0.00        0.00
 B-6        3,757,983.00        3,757,983.00       0.00                 0.00       0.00        0.00
 A-R              100.00                0.00       0.00                 0.00       0.00        0.00
          --------------      --------------       ----         ------------       ----        ----
Totals    835,003,083.00      829,492,259.22       0.00         8,027,844.96       0.00        0.00
          --------------      --------------       ----         ------------       ----        ----

<CAPTION>
            Total Principal  Ending Certificate  Ending Certificate   Total Principal
Class          Reduction          Balance            Percentage        Distribution
-----          ---------          -------            ----------        ------------
<S>         <C>              <C>                 <C>                  <C>
  A          8,027,844.96      785,971,431.26        0.98306519        8,027,844.96
 X-1                 0.00                0.00        0.00000000                0.00
 X-2                 0.00                0.00        0.00000000                0.00
 X-B                 0.00                0.00        0.00000000                0.00
 B-1                 0.00       14,612,000.00        1.00000000                0.00
 B-2                 0.00        8,350,000.00        1.00000000                0.00
 B-3                 0.00        4,175,000.00        1.00000000                0.00
 B-4                 0.00        2,509,000.00        1.00000000                0.00
 B-5                 0.00        2,088,000.00        1.00000000                0.00
 B-6                 0.00        3,757,983.00        1.00000000                0.00
 A-R                 0.00                0.00        0.00000000                0.00
             ------------      --------------        ----------        ------------
Totals       8,027,844.96      821,463,414.26        0.98378489        8,027,844.96
             ------------      --------------        ----------        ------------
</TABLE>

(1)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                              Beginning       Scheduled      Unscheduled
           Original Face     Certificate      Principal       Principal                     Realized
Class         Amount           Balance       Distribution   Distribution     Accretion      Loss (3)
-----         ------           -------       ------------   ------------     ---------      --------
<S>        <C>              <C>              <C>            <C>             <C>            <C>
  A        799,511,000.00    993.10613140     0.00000000     10.04094373    0.00000000     0.00000000
 X-1                 0.00      0.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 X-2                 0.00      0.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 X-B                 0.00      0.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 B-1        14,612,000.00   1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 B-2         8,350,000.00   1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 B-3         4,175,000.00   1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 B-4         2,509,000.00   1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 B-5         2,088,000.00   1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 B-6         3,757,983.00   1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 A-R               100.00      0.00000000     0.00000000      0.00000000    0.00000000     0.00000000

<CAPTION>

              Total Principal  Ending Certificate  Ending Certificate   Total Principal
Class            Reduction          Balance            Percentage        Distribution
-----            ---------          -------            ----------        ------------
<S>           <C>              <C>                 <C>                  <C>
  A             10.04094373       983.06518767         0.98306519        10.04094373
 X-1             0.00000000         0.00000000         0.00000000         0.00000000
 X-2             0.00000000         0.00000000         0.00000000         0.00000000
 X-B             0.00000000         0.00000000         0.00000000         0.00000000
 B-1             0.00000000      1000.00000000         1.00000000         0.00000000
 B-2             0.00000000      1000.00000000         1.00000000         0.00000000
 B-3             0.00000000      1000.00000000         1.00000000         0.00000000
 B-4             0.00000000      1000.00000000         1.00000000         0.00000000
 B-5             0.00000000      1000.00000000         1.00000000         0.00000000
 B-6             0.00000000      1000.00000000         1.00000000         0.00000000
 A-R             0.00000000         0.00000000         0.00000000         0.00000000
</TABLE>

(3)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                 Beginning                     Payment of                    Non-
                                 Current       Certificate/       Current        Unpaid       Current      Supported
           Original Face       Certificate       Notional         Accrued       Interest      Interest     Interest     Realized
Class          Amount             Rate            Balance        Interest      Shortfall     Shortfall     Shortfall    Loss (4)
-----          ------             ----            -------        --------      ---------     ---------     ---------    --------
<S>        <C>                 <C>            <C>              <C>             <C>           <C>           <C>          <C>
  A        799,511,000.00       1.60813%      793,999,276.22   1,064,045.05       0.00          0.00         0.00         0.00
 X-1                 0.00       0.80000%      770,067,484.02     513,378.32       0.00          0.00         0.00         0.00
 X-2                 0.00       0.30502%      793,999,276.22     201,819.05       0.00          0.00         0.00         0.00
 X-B                 0.00       0.94358%       22,962,000.00      18,055.33       0.00          0.00         0.00         0.00
 B-1        14,612,000.00       1.60000%       14,612,000.00      19,482.67       0.00          0.00         0.00         0.00
 B-2         8,350,000.00       2.00000%        8,350,000.00      13,916.67       0.00          0.00         0.00         0.00
 B-3         4,175,000.00       2.68903%        4,175,000.00       9,355.60       0.00          0.00         0.00         0.00
 B-4         2,509,000.00       2.68903%        2,509,000.00       5,622.32       0.00          0.00         0.00         0.00
 B-5         2,088,000.00       2.68903%        2,088,000.00       4,678.92       0.00          0.00         0.00         0.00
 B-6         3,757,983.00       2.68903%        3,757,983.00       8,421.12       0.00          0.00         0.00         0.00
 A-R               100.00       2.68722%                0.00           0.00       0.00          0.00         0.00         0.00
           --------------                                      ------------       ----          ----         ----         ----
Totals     835,003,083.00                                      1,858,775.05       0.00          0.00         0.00         0.00
           --------------                                      ------------       ----          ----         ----         ----

<CAPTION>
                              Remaining         Ending
                                Unpaid       Certificate/
            Total Interest     Interest       Notational
Class        Distribution     Shortfall         Balance
-----        ------------     ---------         -------
<S>         <C>               <C>          <C>
  A          1,064,045.04        0.00      785,971,431.26
 X-1           513,378.32        0.00      741,662,104.82
 X-2           201,819.05        0.00      785,971,431.26
 X-B            18,055.33        0.00       22,962,000.00
 B-1            19,482.67        0.00       14,612,000.00
 B-2            13,916.67        0.00        8,350,000.00
 B-3             9,355.60        0.00        4,175,000.00
 B-4             5.622.32        0.00        2,509,000.00
 B-5             4,678.92        0.00        2,088,000.00
 B-6             8,421.12        0.00        3,757,983.00
 A-R                 0.00        0.00                0.00
             ------------        ----
Totals       1,858,775.04        0.00
             ------------        ----
</TABLE>

(4)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.



<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                Payment of                     Non-
                            Current         Beginning                             Unpaid        Current     Supported
Class     Original Face    Certificate     Certificate/      Current Accrued     Interest      Interest      Interest      Realized
 (5)          Amount          Rate       Notional Balance        Interest        Shortfall     Shortfall    Shortfall      Loss (6)
 ---          ------          ----       ----------------        --------        ---------     ---------    ---------      --------
<S>      <C>               <C>           <C>                 <C>                <C>           <C>          <C>            <C>
  A      799,511,000.00     1.60813%        993.10613140        1.33086981      0.00000000    0.00000000   0.00000000     0.00000000
 X-1               0.00     0.80000%        963.17309458        0.64211539      0.00000000    0.00000000   0.00000000     0.00000000
 X-2               0.00     0.30502%        993.10613140        0.25242811      0.00000000    0.00000000   0.00000000     0.00000000
 X-B               0.00     0.94358%       1000.00000000        0.78631347      0.00000000    0.00000000   0.00000000     0.00000000
 B-1      14,612,000.00     1.60000%       1000.00000000        1.33333356      0.00000000    0.00000000   0.00000000     0.00000000
 B-2       8,350,000.00     2.00000%       1000.00000000        1.66666707      0.00000000    0.00000000   0.00000000     0.00000000
 B-3       4,175,000.00     2.68903%       1000.00000000        2.24086228      0.00000000    0.00000000   0.00000000     0.00000000
 B-4       2,509,000.00     2.68903%       1000.00000000        2.24086090      0.00000000    0.00000000   0.00000000     0.00000000
 B-5       2,088,000.00     2.68903%       1000.00000000        2.24086207      0.00000000    0.00000000   0.00000000     0.00000000
 B-6       3,757,983.00     2.68903%       1000.00000000        2.24086165      0.00000000    0.00000000   0.00000000     0.00000000
 A-R             100.00     2.68722%          0.00000000        0.00000000      0.00000000    0.00000000   0.00000000     0.00000000

<CAPTION>
                              Remaining
                               Unpaid
Class       Total Interest    Interest    Ending Certificate/
 (5)         Distribution     Shortfall   Notational Balance
 ---         ------------     ---------   ------------------
<S>         <C>              <C>          <C>
  A           1.33086979     0.00000000      983.06518767
 X-1          0.64211539     0.00000000      927.64465382
 X-2          0.25242811     0.00000000      983.06518767
 X-B          0.78631347     0.00000000     1000.00000000
 B-1          1.33333356     0.00000000     1000.00000000
 B-2          1.66666707     0.00000000     1000.00000000
 B-3          2.24086228     0.00000000     1000.00000000
 B-4          2.24086090     0.00000000     1000.00000000
 B-5          2.24086207     0.00000000     1000.00000000
 B-6          2.24086165     0.00000000     1000.00000000
 A-R          0.00000000     0.00000000        0.00000000
</TABLE>


(5)   Per $1 denomination

(6)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                  <C>
Beginning Balance                                                             0.00

Deposits
         Payments of Interest and Principal                          10,125,817.85
         Liquidations, Insurance Proceeds, Reserve Funds                      0.00
         Proceeds from Repurchased Loans                                      0.00
         Other Amounts (Servicer Advances)                               35,947.20
         Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
         Prepayment Penalties                                                 0.00
                                                                     -------------
Total Deposits                                                       10,161,765.05

Withdrawals
         Reimbursement for Servicer Advances                              9,596.46
         Payment of Service Fee                                         265,548.60
         Payment of Interest and Principal                            9,886,619.99
                                                                     -------------
Total Withdrawals (Pool Distribution Amount)                         10,161,765.05

Ending Balance                                                                0.00
                                                                     =============
</TABLE>

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                       <C>
Total Prepayment/Curtailment Interest Shortfall           0.00
Servicing Fee Support                                     0.00
                                                          ----

Non-Supported Prepayment Curtailment Interest Shortfall   0.01
                                                          ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                   <C>
Gross Servicing Fee                                   260,364.26
Master Servicing Fee                                    5,184.34
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------

Net Servicing Fee                                     265,548.60
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                      Beginning          Current          Current       Ending
     Account Type                      Balance         Withdrawals       Deposits       Balance
     ------------                      -------         -----------       --------       -------
<S>                                   <C>              <C>               <C>           <C>
Class X-1 Sub Account                 4,500.00            0.00             0.00        4,500.00
Class X-2 Sub Account                 4,500.00            0.00             0.00        4,500.00
Class X-B Sub Account                 1,000.00            0.00             0.00        1,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                            BANKRUPTCY                         FORECLOSURE
---------------------------------------  ---------------------------------  ----------------------------------
                 No. of     Principal                 No. of    Principal                 No. of    Principal
                 Loans       Balance                  Loans      Balance                  Loans      Balance
<S>            <C>        <C>            <C>        <C>         <C>         <C>         <C>         <C>
0-29 Days             0           0.00   0-29 Days         0        0.00    0-29 Days          0        0.00
30 Days              47   4,757,282.21   30 Days           0        0.00    30 Days            0        0.00
60 Days               4   1,868,000.00   60 Days           0        0.00    60 Days            0        0.00
90 Days               0           0.00   90 Days           0        0.00    90 Days            0        0.00
120 Days              0           0.00   120 Days          0        0.00    120 Days           0        0.00
150 Days              0           0.00   150 Days          0        0.00    150 Days           0        0.00
180+ Days             0           0.00   180+ Days         0        0.00    180+ Days          0        0.00
               --------   ------------              --------    --------                --------    --------
                     51   6,625,282.21                     0        0.00                       0        0.00

                 No. of     Principal                 No. of    Principal                 No. of    Principal
                 Loans       Balance                  Loans      Balance                  Loans      Balance

0-29 Days      0.000000%      0.000000%  0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        1.899757%      1.796459%  30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.161681%      0.227399%  60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%      0.000000%  90 Days    0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%      0.000000%  120 Days   0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%      0.000000%  150 Days   0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%      0.000000%  180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               --------   ------------              --------    --------                --------    --------
               2.061439%      2.023858%             0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                  TOTAL
-----------------------------------  -------------------------------------
               No. of    Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<S>          <C>         <C>         <C>         <C>         <C>
0-29 Days           0        0.00    0-29 Days          0             0.00
30 Days             0        0.00    30 Days           47    14,757,282.21
60 Days             0        0.00    60 Days            4     1,868,000.00
90 Days             0        0.00    90 Days            0             0.00
120 Days            0        0.00    120 Days           0             0.00
150 Days            0        0.00    150 Days           0             0.00
180+ Days           0        0.00    180+ Days          0             0.00
             --------    --------                --------    -------------
                    0        0.00                      51    16,625,282.21

               No. of    Principal                 No. of       Principal
               Loans      Balance                   Loans       Balance

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%        0.000000%
30 Days      0.000000%   0.000000%   30 Days     1.899757%        1.796459%
60 Days      0.000000%   0.000000%   60 Days     0.161681%        0.227399%
90 Days      0.000000%   0.000000%   90 Days     0.000000%        0.000000%
120 Days     0.000000%   0.000000%   120 Days    0.000000%        0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%        0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%        0.000000%
             --------    --------                --------    -------------
             0.000000%   0.000000%               2.061439%        2.023858%
</TABLE>

<TABLE>
<S>                                         <C>    <C>                                           <C>    <C>                <C>
Current Period Class A Insufficient Funds:  0.00   Principal Balance of Contaminated Properties  0.00   Periodic Advance   35,947.20
</TABLE>

<TABLE>
<CAPTION>
              Original $      Original%     Current $       Current %   Current Class %   Prepayment %
              ----------      ---------     ---------       ---------   ---------------   ------------
<S>         <C>              <C>          <C>              <C>          <C>               <C>
Class A     35,491,983.00    4.25052119%  35,491,983.00    4.32057988%    95.679420%        0.000000%
Class X-1   35,491,983.00    4.25052119%  35,491,983.00    4.32057988%     0.000000%        0.000000%
Class X-2   35,491,983.00    4.25052119%  35,491,983.00    4.32057988%     0.000000%        0.000000%
Class B-1   20,879,983.00    2.50058753%  20,879,983.00    2.54180316%     1.778777%       41.169861%
Class B-2   12,529,983.00    1.50059123%  12,529,983.00    1.52532453%     1.016479%       23.526440%
Class B-3    8,354,983.00    1.00059307%   8,354,983.00    1.01708522%     0.508239%       11.763220%
Class B-4    5,845,983.00    0.70011514%   5,845,983.00    0.71165470%     0.305431%        7.069202%
Class B-5    3,757,983.00    0.45005618%   3,757,983.00    0.45747418%     0.254181%        5.883019%
Class B-6            0.00    0.00000000%           0.00    0.00000000%     0.457474%       10.588259%
</TABLE>

Please refer to the prospectus supplement for a full description of loss
exposure

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
           Collateral Description                         Mixed Arm
<S>                                                    <C>
Weighted Average Gross Coupon                                3.073109%
Weighted Average Net Coupon                                  2.696448%
Weighted Average Pass-Through Rate                           2.688948%
Weighted Average Maturity (Stepdown Calculation)                  341

Beginning Scheduled Collateral Loan Count                       2,489
Number of Loans Paid in Full                                       15
Ending Scheduled Collateral Loan Count                          2,474

Beginning Scheduled Collateral Balance                 829,491,259.96
Ending Scheduled Collateral Balance                    821,463,415.00
Ending Actual Collateral Balance at 28-May-2004        821,464,974.40

Monthly P&I Constant                                     2,124,264.22
Special Servicing Fee                                            0.00
Prepayment Penalties                                             0.00
Realization Loss Amount                                          0.00
Cumulative Realized Loss                                         0.00

Class A Optimal Amount                                   9,825,142.71

Ending Scheduled Balance for Premium Loans             821,463,415.00

Scheduled Principal                                              0.00
Unscheduled Principal                                    8,027,844.96
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                    <C>
One-Month Libor Loan Balance           07,866,608.87
Six-Month Libor Loan Balance           13,596,806.13
Prorata Senior Percentage                  95.721235%
Senior Percentage                         100.000000%
Senior Prepayment Percentage              100.000000%
Subordinate Percentage                      0.000000%
Subordinate Prepayment Percentage           0.000000%
</TABLE>